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Cash Management

June 17, 2019

Bank-of-Elk-River-Business-Cash-Management

Do you have administrative staff that needs access to account information, pay bills, transfer funds between accounts, or download account information into accounting software? Do you have employees on Direct Deposit? Does your business have recurring Direct Debit authorizations to automatically deduct from your customers’ accounts? Integrated seamlessly into Online Banking, Cash Management offers all of these advanced features and more.

Benefits

  • Reduce time spent on administrative functions and duties. Reduce risks and complexities associated with multiple parties accessing financial sensitive information.
  • Have ultimate control over users - add, eliminate, edit, and control user authority and access to account information.
  • Avoid the inconvenience of closing and re-opening an online banking account when staffing changes occur.
  • Avoid the hassle of multiple IDs, passwords, authentications and the burden of dealing with multiple creditor/vendor authority and access protocols.
  • Decrease the risk of identity theft and fraud.
  • Access detailed reporting:
    • Receive a daily account activity report adding additional protection and oversight of administrative activities.
    • Generate and save customer-defined summary and activity reports.
  • Improve cash flow and increase customer retention with Direct Debit from customers’ designated accounts.
    • Great for service providers that charge monthly service fees such as schools, daycare providers and gyms.
    • Non-profits can improve pledge collection percentages. Ideal for churches and non-profits that do annual campaigns to raise money for their respective cause.
  • Electronically credit or debit other accounts using ACH Origination. Same-Day ACH coming in second quarter, 2019. Watch for details in February.
  • Input stop payments.
  • Initiate recurring and future-dated wire transfers.
  • Manage Positive Pay to help prevent check fraud.

Requirements

Cash Management ACH Origination

This service allows business customers to create Automated Clearing House (ACH) transactions by accessing our Online Banking software, World Wide Banker (WWB).

Benefits

  • A business can collect funds as a Direct Debit from their customers via online banking or upload a National Automated Clearing House Association (NACHA) formatted file from their software program.
  • A business can pay employees by Direct Deposit via online banking or upload a NACHA formatted file from their software program.

IMPORTANT: Some payroll and billing software programs have a module that allows them to enter employee deposit information or customer billing information. A NACHA formatted file can be created that allows them to import into World Wide Banker (WWB) Cash Management. If the software programs do not have this module, the business customer would need to enter the information directly into WWB Cash Management batches (files), update net amounts and effective dates. An authorization needs to be signed by their employees or customers with their bank information to allow the PPD (Prearranged Payment and Deposit) transactions to be processed.

Cost of Service:

Service Amount
ACH Origination One-time Setup Fee $100.00
ACH Monthly Fee $10.00
ACH Origination Per Batch (File) Fee $1.50
ACH Origination Per Item Fee $0.10
ACH Returned Item $4.00
ACH Notification of Change
$1.00
ACH Secure Tokens First Two Tokens - Free
Additional Tokens - $10.00 Each